5 Most Commonly Asked Questions Related To Bitcoin Answered

Bitcoin has become a digital entity with so much hold on the worldwide web that there aren’t many people today who can claim they are not aware of it.

At the same time, however, how to buy and sell Bitcoin is a question that remains uncertain for people who are unaware of crucial information regarding it. Because of its decentralized nature and concerns regarding the security of usage anywhere around the world, we have gathered a list for your understanding you can rely on any time you get an alert for the cryptocurrency.

1. Who is the creator of Bitcoin?

The official recognized creator of Bitcoin is Satoshi Nakamoto, who started working on an open source code for digital currency in 2009 and concluded his work the year after. However, he himself was a borrower of an idea proposed by Wan Dei back in 1998, and although the Bitcoin is a lot more refined than that initial concept the ideology needs to be credited.

The open source code means that any developer can use the Bitcoin software to establish an ICO of his/her own.

2. Is Bitcoin legal or not?

The simple answer to this question is that the legality varies from region to region. Most countries following a command system of governance hesitate from allowing free flow of the currency in their country. However, even in the USA, it is difficult to decrypt how to sell Bitcoin legally because there is no definite statement from the government.

Bitcoin exchanges can be regulated in terms of how much of the currency they release into the country, but anything beyond that is not feasible at this point in time.

3. Can Bitcoin be hacked?

The present smooth functioning of Bitcoin is not an indication of a flawless program; it indicates the pace of security with which attempts at it being hacked and broken into are mitigated and resolved in this age. This means that with the increase in time if the Bitcoin has fewer stakeholders to protect its digital integrity, it is certainly possible to hack it.

However, with the amount of money invested in the currency, it seems unlikely that its security will be taken for granted. 

4. Is it easy to make money using Bitcoin?

How to sell Bitcoin for money is quite a difficult concept for many people to grasp, and for those people, it is important to know that there is no guaranteed success rate. It is still a technology which is being developed into a flawless one, and despite its unreal attractive growth rate, you will find an equally detailed database having people who got disappointed by the currency. However, you can find many automated software and apps for bitcoin trading alerts and also many platforms to buy and sell bitcoins to make money.

5. Does Bitcoin have the potential of becoming a major payment network?

With the passage of time, Cryptocurrency exchanges and wallets have grown in number, so with the currency becoming commonplace, you can expect it to increase in terms of its liquidity to purchase. How majorly it impacts the payment network of any country, however, depends on how comfortable the state is with the usage of a partially regulated currency.